sPower gets $48m financing from NAB for UK Solar Portfolio

sPower has reached a financial agreement with National Australia Bank (NAB) to provide financial support to its UK portfolio of operating solar assets.

NAB will provide loan of nearly $48m to four solar parks, which are owned and operated by sPower with a capacity to generate 33.5MW, which is supported by the RO scheme.

sPower CEO Ryan Creamer said: "The deal with NAB provides sPower with access to flexible and attractive capital.

"We’re pleased to have the support of NAB, a top financial institution showing strong commitment to funding renewable energy projects."

London-based Elgar Middleton, an independent financial advisory firm, with expertise in financing renewable energy and infrastructure projects, has acted as financial advisor to sPower and helped manage the transaction from term sheet execution to close.

Elgar Middleton partner Simon Middleton said: "sPower and NAB fostered a strong working relationship based on trust and innovation to get the transaction over the line. It was a pleasure to work with a group of ‘can do’ entrepreneurs."

sPower, headquartered in Salt Lake City, is a independent power producer with offices located in San Francisco, Long Beach and New York City. It is a portfolio company of Fir Tree Partners, a global investment fund.

The company owns and operates approximately 150 electrical generation systems across the US and the UK.